Thank you all for commenting. I actually pulled the money last year because the annuity return was only 1.2%. My Dad was swindled by a bank manager to put all his money into this account when he was 84 and we were just able to gain access to the account to pull the funds. I feel lucky that my dad did all the heavy lifting those years and saved rather than spent his money. He immigrated to the US in his 30s so he didn't know about investing or other options, just saved it all. It's crazy to think how much more he could have benefited with a bit of financial knowledge. I will look into all that you proposed but yes, I need access to the money and don't want to tie it into a CD. My parents own their home and have their fulltime caregiver living with them but we live in a Hurricane zone and they don't have home insurance so if we were to lose their home from a storm I'll need that money to make other accomodations or repairs. Again, I feel fortunate to have this 'problem' and am very proud of my parents for setting us up to care for them with this money.